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Britain s billionaire Issa brothers are considering merging the U.K. grocer Asda Group with EG Group, their international chain of gas stations and convenience stores, people with knowledge of the matter said.
The people said that the Issas are looking at a range of strategic alternatives for EG Group, which they own with buyout firm TDR Capital, and asked not to be identified because the information is private. A merger with Asda could bring the combined business to around $35 billion, including debt, one person said.
The acquisition of Asda was completed in February, and TDR and the Issas agreed to acquire control of the company in a deal that valued Britain's third-largest grocer at 6.8 billion pounds $9.1 billion. They own the business separately from EG Group, and Asda's former parent Walmart Inc. still holds a minority stake in the supermarket chain.
The owners of EG Group have been weighing other options including a sale of their Australian assets or a public listing of the global gas station business. The people said that there was no certainty that the deliberations would lead to a transaction.
A spokesman for TDR declined to comment, while representatives for EG Group and Walmart didn't respond immediately to requests for comment.
In recent months, Asda and EG Group have been stepping up their cooperation, drawing up plans to expand foodservice at Asda locations and roll out Asda On the Move convenience stores across EG Group filling stations. Combining the two companies would create a sprawling retail operation with a range of store formats from small outlets offering takeaway to large supermarkets.
A deal would give EG Group more leverage with suppliers and expand its scale to compete with companies like Alimentation Couche-Tard Inc., the $40 billion owner of Circle K convenience store chain. EG Group's strategy of expanding globally through acquisitions has seen it go head-to-head with the Canadian firm in the bidding for some assets.
There are a number of hurdles to a potential merger with Asda, and EG Group owners could decide to pursue other options for the business, the people said.
The people said that EG Group has been looking at a possible divestment of its Australian unit after receiving interest from potential buyers. One person said that a sale of the business could fetch more than $2 billion.
In 2019 the company spent A $1.73 billion $1.2 billion to acquire 540 Australian fuel convenience sites from Woolworths Group Ltd.
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